Global security software in telecom market is expected to grow at CAGR of 12.8% during the forecast period 2019-2026.
Telecom is one of the most competitive business markets, which is highly susceptible to data breaches and cyber-attacks. Thus, software-enabled security products that can secure applications and management networks from loss of confidential data are rapidly emerging as a necessity in the telecom industry wherein cyber threats and data breaches are compelling enterprises to adopt security solutions. Possible scenarios where security software solutions are required include data protection, malware protection, data encryption, firewall protection, email security, web security, mobile security, message security, application, vulnerability scanning, intrusion detection, and others.
Nowadays, organizations are using cloud technologies to store critical data as these technologies offer compatibility and flexibility in sharing and accessing data. Additionally, the adoption of innovative technologies, shift from traditional to advanced security systems, and increasing use of personal devices by the employees are encouraging companies to seek security solutions.
The security software in the telecom market is expected to witness significant growth during the forecast period, with increasing incidents of cyber-attacks and high demand for cloud-based technologies from all kinds of enterprises. Further, the accelerating pace of digital connectivity and digital transformation are creating an opportunity for the security software in telecom market.
Low cybersecurity awareness, growing cross-border data transfer, and weak regulatory framework make IT infrastructure vulnerable to cyber exploitation. Stringent government regulations regarding digitalization and adoption of cloud technology are expected to drive the security software in telecom market. The rapid adoption of cloud technology in government sectors such as railways, defense, education, and others is also propelling the demand for security software solutions.
The security software in telecom market share can be segmented by type, enterprise, and region.
By type, the security software in telecom market can be segmented into cloud based and on premise. The cloud-based deployment mode is expected to witness significant growth in the security software in telecom market as enterprises are increasingly opting for cloud-based solutions, owing to their user-friendliness and cost-effectiveness. Additionally, the growing adoption of cloud storage is also expected to positively impact market growth. Scalability, simplicity of operation, and cost-effectiveness are the key factors driving the growth of cloud-based cybersecurity solutions. Additionally, cloud-based solutions do not require users to purchase, install, and maintain hardware or software solutions, which is expected to further provide impetus to the growth of the cloud based segment. Economies such as Australia and Russia are implementing stringent regulations on foreign cloud servers to promote domestic cloud servers, which limits the growth of the segment to an extent. For instance, Russia’s Data Localization law (Russian Federal Law No. 242-FZ, effective Sept. 1, 2015) has an explicit requirement that companies gathering information about Russian citizens must use servers located within Russia.
On the basis of enterprise, the market can be primarily segmented into large enterprises and SMEs. Enterprises are increasingly becoming prone to cyber-attacks wherein large enterprises are the prime focus for disruption on account of the massive data generated during the development phase of such organizations. Numerous security failures are surging the demand for security software services, which is further expected to drive the security software in telecom market growth. After the outbreak of cyber threats such as NotPetya, and WannaCry, cyber criminals are looking for new ways to develop malware to exploit the vulnerabilities of organizations and cause massive financial losses.
Geographically, the global security software in the telecom market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
Asia Pacific is expected to witness dynamic growth in the global security software in telecom market during the forecast period, back by widespread digitization among enterprises. Prevalence of mobile devices and increasing adoption of cloud infrastructure are pegged to accelerate the growth of the region’s security software in telecom market. Emerging trends such as BYOD and CYOD and increasing data telecommunication needs are also anticipated to propel market growth in the region. Enterprise mobility is gaining traction among workplaces as it enhances workforce productivity; however, it is also associated with high security concerns, which drives the demand for security software in telecom. According to a study commissioned by Microsoft, the potential economic loss across Asia Pacific & Singapore due to cybersecurity incidents hit a staggering USD 1.745 trillion in May 2018, which is more than 7% of the region’s total GDP of USD 24.3 trillion.
North America as well as Europe are expected to dominate the global security software in telecom market within the forecast period. Technological advancements and their rapid adoption are the key factors driving market growth in these regions. With the BYOD concept gaining traction in LAMEA, the region is expected to witness substantial growth in the global security software in telecom market during the forecast period.
Some of the prominent players operating in the global security software in telecom market are
Report Metric | Details |
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CAGR | 12.8% |
Forecast Period | 2023-2031 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
Segments Covered |
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Geographies Covered |
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